6 building Jersey City multifamily complex secures $257M in financing

A recently redeveloped, six-building multifamily complex in Jersey City procured $257.24 million in fixed-rate agency financing.

On March 14, Cushman & Wakefield announced it served as exclusive advisor to Building and Land Technology to secure the 10-year Freddie Mac financing, which was provided by Greystone, for The Beacon and a 510-space parking garage.

Located at 20, 24, 44 and 56 Beacon Way and 100, 88 and 126 Clifton Place, the property is comprised of 1,155 units on a 14-acre site.

A Cushman & Wakefield Equity, Debt & Structured Finance team of Vice Chair John Alascio, Executive Managing Director Alex Hernandez, Senior Brokerage Specialist Alex Lapidus and Financial Analyst Mitch Rothstein and a Cushman & Wakefield Capital Markets team of Vice Chairs Brian Whitmer and Niko Nicolaou and Executive Vice Chair David Bernhaut represented the borrower in the transaction. Greystone Vice President Judah Rosenberg originated the Optigo loan, which represented a sizable single-asset financing for Freddie Mac with a highly complex and unique structure, Cushman & Wakefield said.

“The property is ideally located at the intersection of three of Jersey City’s most populated neighborhoods and features unparalleled views of the New Jersey Gold Coast and Manhattan,” Alascio said in a statement, noting its spot at the nexus of Journal Square, McGinley Square and Bergen Lafayette. “The recently redeveloped complex features best-in-class amenities and a thoughtful community design offering tenants a convenient live, work, play environment,” he continued.

According to the announcement, the redevelopment effort at the property, built in the early 20th century and the original home of the Jersey City Medical Center, is one of the largest residential historic rehabilitations in the U.S.

The gated community offers a mix of studio and one-, two- and three-bedroom units. Amenities include fitness centers, a yoga studio, an indoor pool and hot tub, restored Art Deco theaters, children’s playrooms, high-floor sky lounges, numerous dog runs, a playground, a 1-acre private park and substantial outdoor space with fire pits and grills.

Nearby, The Beacon offers access to retail, dining and entertainment options. The property also offers a complimentary shuttle service, allowing for a 30-minue commute across the river to Manhattan.